GridBeyond, the leader in intelligent energy technology, has agreed a project financing facility from Triodos Energy Transition Europe Fund to establish a pipeline of behind the meter battery storage projects across the UK and Ireland.
Announced 22 February 2022, the partnership between GridBeyond and Triodos Energy Transition Europe Fund has a phase one commitment of €10M and will allow for the installation of a pipeline of battery storage projects located behind the meter at GridBeyond’s clients’ sites across the UK and Ireland.
Triodos Energy Transition Europe Fund is the financial partner in the deal. The fund invests in mission aligned assets and companies that generate renewable energy, improve energy efficiency and/or offer energy flexibility and is managed by Triodos Investment Management. GridBeyond will be managing the process from the procurement of the equipment, installation/ construction of the storage assets, operation and maintenance, and revenue generation through bringing these assets into the market.
The size of the battery at each client site, is optimised using GridBeyond’s legacy expertise, proprietary sizing tools. It is determined based on consideration of the size of the site, its demand profile, any onsite generation existing or planned and the level of flexibility already available through demand-side response. Each battery is therefore sized to maximise the investment return for the investment optimised alongside the optimal result for the client.
This transaction marks the first step in the collaboration between Triodos Energy Transition Europe Fund and GridBeyond, who are already examining the potential to expand the partnership into other global markets.
Vincent van Haarlem, Fund Manager of Triodos Energy Transition Europe Fund said: “Triodos Investment Management sees financing storage capacity projects as a broader responsibility in the energy transition given the key role these projects play in managing supply and demand of renewable energy. In addition, decentralised energy storage is a valuable addition to the toolbox of companies seeking to achieve carbon neutrality. As such we are very pleased to team up with GridBeyond and to proactively contribute to accelerating the energy transition through this collaboration.”
GridBeyond Chief Operating Officer Richard O’ Loughlin commented: “We are delighted to be working with Triodos Energy Transition Europe Fund on this project. Over the last 12 months many I&C businesses have been examining the risks and rewards of installing battery storage on site, however for most the upfront costs of the technology is a firm barrier.
“Through this partnership, which provides a fully funded battery storage system to our existing demand side response clients we are giving them the opportunity not only to bolster their energy resilience, but to make cost savings that can be further invested in actions that support the net zero transition.”